99 Cents Only Stores reports 1Q growth

CITY OF COMMERCE, Calif. 99 Cents Only Stores today reported total sales of $293 million for the first quarter of the 2008 fiscal year ended June 30. This represents an increase of 11.1% over total sales of $263.6 million for the same quarter last year. Retail sales for the quarter ended June 30 were $282.9 million, up 11.4% from retail sales of $254 million for the same quarter last year.

The company's same-store sales for the first quarter ended June 30 increased 5.2% versus the same quarter last year. For this period, the number of overall same-store sales transactions increased by 2.8% and the average transaction size increased by 2.3%, from $9.27 to $9.48.

Eric Schiffer, ceo of the company, said, "We were pleased to continue our positive trend in same-store sales for the seventh quarter in a row with a 5.2% increase in the first quarter of fiscal 2008. Overall, both the same-store sales average transaction size and the number of transactions increased. This was our strongest comp-sales quarter since June of 2003."